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  • Writer's pictureRavikiran Papthimar

5 key lessons learned & things to keep in mind for a higher chance of success

๐Ÿญ. ๐—–๐—ฟ๐—ฒ๐—ฎ๐˜๐—ฒ ๐—ฎ ๐˜€๐—ฒ๐—ฝ๐—ฎ๐—ฟ๐—ฎ๐˜๐—ฒ ๐—ฆ๐˜๐—ฟ๐—ฎ๐˜๐—ฒ๐—ด๐—ถ๐—ฐ ๐—•๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€ ๐—จ๐—ป๐—ถ๐˜ (๐—ฆ๐—•๐—จ)

Create a semi-autonomous, independently managed corporate unit that focuses on product offerings and market segments. This unit is responsible for planning, developing, producing, and marketing its own goods or services. This unit manages its own strategy & bottom line. It should be operated as a completely separate business.

๐—ช๐—ต๐˜†? - This way Product teams are not impacted by the day-to-day challenges of the services organization.

๐Ÿฎ. ๐—›๐—ถ๐—ฟ๐—ฒ ๐˜๐—ต๐—ฒ ๐—ฟ๐—ถ๐—ด๐—ต๐˜ ๐˜๐—ฒ๐—ฎ๐—บ

While itโ€™s incredibly important that the team is skilled, itโ€™s even more important that these individuals are the right values fit for your business. If a problem arises, teamwork solves it far quicker than one person alone could. By having the right team members working alongside us, we are able to elevate each other, and our business, further through collaborative work and coaching.

๐—ช๐—ต๐˜†? - People make products.

๐—ก๐—ผ๐˜๐—ฒ: Itโ€™s also equally important to ensure you donโ€™t have the wrong people on your team. These people can have a negative impact on the wider team, often sapping the energy and undoing all of your hard work to create your desired culture.

๐Ÿฏ. ๐—ฆ๐—ต๐—ถ๐—ณ๐˜๐—ถ๐—ป๐—ด ๐˜๐—ผ ๐—ฎ ๐—ฃ๐—ฟ๐—ผ๐—ฑ๐˜‚๐—ฐ๐˜ ๐— ๐—ถ๐—ป๐—ฑ๐˜€๐—ฒ๐˜:

A product mindset is value-driven, not completion driven. Itโ€™s anchored in care and empathy for the customer. We should recognize that Projects end whereas products donโ€™t.

๐—ช๐—ต๐˜†? - Creating an impact on the overall business is important rather than focusing on satisfying weekly goals.

๐Ÿฐ. ๐—ข๐—ป๐—น๐˜† ๐˜๐—ต๐—ฒ ๐˜ƒ๐—ฒ๐—ฟ๐˜† ๐—ฏ๐—ฒ๐˜€๐˜ ๐˜€๐˜‚๐—ฟ๐˜ƒ๐—ถ๐˜ƒ๐—ฒ (๐˜๐—ต๐—ฎ๐˜ ๐˜€๐—ต๐—ผ๐˜‚๐—น๐—ฑ ๐—ฏ๐—ฒ ๐˜๐—ต๐—ฒ ๐—ผ๐—ป๐—น๐˜† ๐˜„๐—ฎ๐˜† ๐˜๐—ผ ๐—ด๐—ฒ๐˜ ๐—ถ๐—ป)

Have a rigorous hiring process. It should not be easy to crack. For those who do, value them well. You may end up paying more on compensation but itโ€™s worth it.

๐—ช๐—ต๐˜†? - People make products, good people make good products. Move from a survival mindset to a growth mindset.

๐Ÿฑ. ๐—ฌ๐—ผ๐˜‚ ๐—ฐ๐—ฎ๐—ปโ€™๐˜ ๐—ฑ๐—ผ ๐—ฏ๐—ผ๐˜๐—ต ๐—ฎ๐˜ ๐˜๐—ต๐—ฒ ๐˜€๐—ฎ๐—บ๐—ฒ ๐˜๐—ถ๐—บ๐—ฒ (๐—ฆ๐—ฒ๐—ฟ๐˜ƒ๐—ถ๐—ฐ๐—ฒ๐˜€ & ๐—ฃ๐—ฟ๐—ผ๐—ฑ๐˜‚๐—ฐ๐˜๐˜€)

The reality is, services businesses and product businesses have WILDLY different KPIs. From Business Model, Cash flow Requirements, Reportingโ€ฆetc everything is different.

๐—ช๐—ต๐˜†? - Mixing the two is not easy and should not be done.

It is anyway hard to build Products. Only 1 in 10 survive, ๐—ฑ๐—ผ ๐˜†๐—ผ๐˜‚ ๐—ฟ๐—ฒ๐—ฎ๐—น๐—น๐˜† ๐—ป๐—ฒ๐—ฒ๐—ฑ ๐˜๐—ผ ๐—บ๐—ฎ๐—ธ๐—ฒ ๐˜๐—ต๐—ถ๐˜€ ๐—ฎ๐—ป๐˜† ๐—ต๐—ฎ๐—ฟ๐—ฑ๐—ฒ๐—ฟ?

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